Common use of Insurance and Condemnation Proceeds Clause in Contracts

Insurance and Condemnation Proceeds. Subject to the provisions of this Lease directing the application of such funds, the Senior Mortgagee may reserve the right to apply to its Leasehold Mortgage debt all, or any part, of Tenant’s share of the proceeds from any insurance policies or any Condemnation Award arising from a Condemnation pursuant to the provisions of such Leasehold Mortgage.

Insurance and Condemnation Proceeds. ‌ . Subject to the provisions of this Lease directing the application of such funds, the Senior Mortgagee may reserve the right to apply to its Leasehold Mortgage debt all, or any part, of Tenant’s share of the proceeds from any insurance policies or any Condemnation Award arising from a Condemnation pursuant to the provisions of such Leasehold Mortgage.